Are You an Undergraduate Law School Student Considering Legal Career Options? Then Find Out Which Lawyers Make the Most Money. Your chosen industry, practice area and firm size all impact how much a lawyer earns!
The highest-paid attorneys often specialize in specific fields. Entertainment lawyers negotiate contracts for artists; tax lawyers ensure companies remain compliant with IRS regulations; and intellectual property lawyers safeguard valuable inventions.
Trial Lawyers
Trial attorneys top the list when it comes to highest-paid lawyers in America, earning their living by representing high-profile clients in cases. Their pay is determined by factors like track record, reputation and experience – with many prominent law firms paying them generous salaries as a bonus for working there.
For trial lawyers to be successful, it takes possessing a set of essential skills. Aside from understanding statutory laws and being adept at thinking on your feet during trials, great trial attorneys must also possess charismatic speaking abilities which enable them to persuade juries.
Lawyers can earn significant income in the corporate law field. Lawyers who specialize in corporate law often earn substantial salaries from large law firms they work with; often making over $200,000 annually.
Attorneys specializing in patent law typically receive high salaries. These attorneys help inventors navigate the patent application process and file correctly. Furthermore, these lawyers possess a deep knowledge of chemistry and physics that are crucial when developing new inventions; additionally they possess expertise regarding both federal and state tax laws, helping their clients save on taxes.
Tax Lawyers
Tax lawyers specialize in legal issues regarding taxes. These attorneys assist individuals and businesses manage their taxes while filing legal documents on behalf of clients. Often working for large companies or the government with high salaries offered, tax lawyers provide invaluable service to both.
Tax law will always have a need for legal professionals, whether you want an exciting and lucrative career or prefer less drama-laden areas of practice – either way it could be perfect!
These professionals possess an in-depth knowledge of tax law and can protect their clients from making costly errors in this area. It’s crucial that these lawyers stay abreast of changes to tax legislation; otherwise they could assist their clients with filing legal documents with the IRS or claiming deductions from taxes due.
Tax attorneys’ salaries can differ dramatically based on a range of factors, including experience and location. Manhattan, New York, Boston and Rochester typically offer higher pay than the national average for this position.
Intellectual Property Lawyers
Intellectual property lawyers enjoy some of the highest salaries among legal specializations due to the work they do protecting human effort and creativity. Intellectual property attorneys assist people and companies alike with inventions, designs, trademarks and copyrights for inventions ranging from leukemia medication formulation to books or songs written specifically about them.
Robert Half Legal states, “Business today is knowledge- and technology-centric, making IP (patent, trademark and copyright) law an ever-evolving field with high earning potential.”
Attorneys specializing in intellectual property must also keep up with rapidly evolving laws, which requires constant learning. To be successful in this area of law, having a background or education in creative fields such as music or art can be very helpful; additionally, part-time jobs or internships relevant to intellectual property law offer invaluable experience.
Tax, family and corporate law lawyers are also highly paid legal specialists with highly lucrative income potential. Each field offers its own salary range; all are highly attractive career paths for anyone wanting to make a good living from practicing law. But for the highest salaries among these specialties, specialization will bring more returns than simply generalist practice – attorneys choosing highly specialized fields will typically earn more money than their counterparts who remain more generalized.
Real Estate Lawyers
Real estate attorneys specialize in all legal aspects pertaining to real property, such as transfers of ownership, mortgage concerns, construction and zoning issues. Their work covers both commercial and residential properties. Soft skills required of good real estate lawyers include strong verbal and written communication as well as attention to details.
Real estate attorneys in New York typically make an estimated average annual salary of about $70,000, though this will depend on factors like size of firm and location in city. Law firms with larger client bases or those specializing in high-level clients typically earn higher earnings.
Most real estate attorneys work on an hourly basis; however, some offer flat fee transactions such as when purchasing luxury new developments or through corporate structures which often requires extensive work that may push attorney’s fees up toward the higher end of the spectrum.
Real estate attorneys typically begin their journey by attending a three-year graduate program from a law school approved by the American Bar Association and passing the bar exam to become licensed attorneys. Gaining legal work experience during law school will make you more desirable to potential employers, so apply for internships with various firms so you can test what types of law work resonates with you best.